CBN Issues Fresh Update on Feb 10 Deadline for Old Naira Notes As Buhari Calls for Patience

CBN Issues Fresh Update on Feb 10 Deadline for Old Naira Notes As Buhari Calls for Patience

  • The Central Bank of Nigeria (CBN) has restated its resolve to phase out old naira notes
  • The former naira notes, which the top bank revised, comprise the 200, 500, and 1,000 notes
  • With Nigerians getting more restless president Muhammdu Buhari has called for patience

The Central Bank of Nigeria (CBN) has reiterated that there is no plan to extend the deadline for the use of old notes.

Godwin Emefiele, CBN governor disclosed this while speaking with journalists in Lagos on Friday.

According to Emeifele the CBN, as well as deposit money banks (DMBs) were working to address the current challenges with the circulation of the new notes.

CBN new naira note
CBN determine to phase out old naira note Credit: @cbn
Source: Getty Images

He said:

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Read also

Why Nigeria’s president, family members should not travel abroad for medical treatment, Aisha Buhari reveals

“I want to say unfortunately again, this time, we will not be looking at extension of deadline because we are the central bank and the deposit money banks are doing everything to address the challenges”

Buhari reacts to new naira notes scarcity

Emefiele's submission comes a few hours after President Muhammadu Buhari pleaded for seven days from Nigerians to find a solution.

Buhari said this after meeting with governors elected on the platform of the All Progressives Congress (APC) in Abuja.

He said the currency re-design will give a boost to the economy and provide long-term benefits while expressing doubts about the commitment of banks in particular to the success of the policy.

His words:

“Some banks are inefficient and only concerned about themselves”, Buhari said “even if a year is added, problems associated with selfishness and greed won’t go away.”

He said he had seen television reports about cash shortages and hardship to local businesses and ordinary people and gave assurances that the balance of seven of the 10-day extension will be used to crack down on whatever stood in the way of successful implementation.

Read also

Fake nails, fuel and influencers in Kenyan taxman's sights

The President assured:

“I will revert to the CBN and the Minting Company. There will be a decision one way or the other in the remaining seven days of the 10-day extension."

Man dies after standing for long hours, police reacts

Meanwhile, in an earlier report, Legit.ng revealed a man has reportedly lost his life after standing in a queue for long hours at a bank in Delta state.

The middle-age-man who lives in was said to have visited the bank to get his ATM for him to make a withdrawal, the Nigerian police confirms.

In the last few weeks, Nigerians have endured long hours of waiting in banking halls and ATMs to make withdrawals.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

Online view pixel